Which?, Citizens Advice, the Federation of Small Businesses and the Consumer Council of Northern Ireland have all been granted ‘super complainant’ status, meaning they will have direct access to the Financial Conduct Authority, and will receive faster responses to complaints.
Once a super-complainant has made a complaint to the FCA, the regulator must respond within 90 days.
Previously, complaints by a state-approved watchdog on behalf of consumers about financial services could only be made to the Office of Fair Trading, which has fewer powers in the area than the regulator.
Richard Lloyd, Which? executive director, said: “Giving consumer groups like Which? the power to bring super complaints in financial services means we can prompt early action by the regulator and help prevent scandals and mis-selling before they get out of control.
“For too long, consumers have suffered from a series of financial scandals. That’s why we need the regulator to proactively monitor the market, respond to evidence from consumers and take tough action against bad practice.”